Consolidation Strikes Financial Services Again
Financial Services consolidation continues the march towards bigger and better. Minnesota-based Securian has decided to exit and sell its retirement division to Oregon—based The Standard. …
Federal law requires the annual audit of a defined benefit or defined contribution retirement plan (including 401(k)) when the plan’s total eligible participants reach 100.
There are three types of eligible participants:
1.5.1. Active: individuals who are currently employed by the plan sponsor, covered under the plan, and receiving credited service. Note: This includes those eligible, but not participating.
1.5.2. Retired or separated: individuals who are no longer employed by the company and are either receiving benefits or entitled to receive benefits.
1.5.3. Deceased: individuals who have passed away and have one or more beneficiaries either receiving benefits or entitled to receive benefits.
Financial Services consolidation continues the march towards bigger and better. Minnesota-based Securian has decided to exit and sell its retirement division to Oregon—based The Standard. …
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